This textile company’s stock is up in a challenging year

This textile company’s stock is up in a challenging year

VALDESE, N.C. — The home furnishings category is having a tough year according to many in the industry, but one textile company is celebrating and sharing success with its employees.

During a recent company-wide meeting with employees, Valdese Weavers officials announced a significant increase in the company’s stock price as determined by the company’s Employee Stock Ownership Plan (ESOP) trustee. Valdese, a 100% ESOP company, engaged global advisory firm Stout to prepare a valuation of the company’s stock, and the results are a cause for celebration.

According to company officials, Valdese’s stock price is at an all-time high since the North Carolina-based textile mill became a 100% employee-owned company in 2016. Stout, an independent firm that specializes in corporate finance, accounting and transaction advisory, and ESOP valuations, used standard valuation methods including an Income Approach and Market Approach as well as consideration of Valdese Weavers’ debt reduction and profitability for the 2023 fiscal year.

“One of the real rewards of being an ESOP company is that all of us benefit when we succeed,” said Blake Millinor, president and CEO. “Our culture is collaborative, team-oriented and we work together for common goals.”

The allocated shares that each eligible employee receives provides them with a piece of ownership in the company. When the share price increases, it positively impacts each employee’s financial future and the excitement surrounding that was evident at the company’s annual ESOP Reveal Celebration last week, officials said.

Katie Pritchard, senior vice president of finance, left; Roger Berrier, Chief Operations Officer;
Blake Millinor, president and CEO

The 2024 economy and subsequent slowdown in consumer demand for home furnishings encouraged Valdese Weavers to refine its marketing strategy with a more purposeful, sales-driven approach for its premium performance brands InsideOut Performance Fabrics and Sustain Performance Fabrics, according to company representatives. The positive reaction and results from the company’s client base allowed Valdese Weavers to maintain profitability and operate a full manufacturing schedule throughout 2023, and the company continues to actively recruit new employees.

With four facilities in Burke County, N.C., the company trades under the brand names Valdese Weavers, InsideOut Performance Fabrics, Sustain Performance Fabrics, Circa 1801, Valdese International Products (VIP) and Valdese Weavers Contract

See also:

  • Investment, product development top 2024 strategy list for textile execs 
  • Fabric suppliers push the envelope at Interwoven 

 

The post This textile company’s stock is up in a challenging year appeared first on Furniture Today.